Japan's Omron Healthcare is betting big on China as a market with increasing growth potential, according to Kazunori Tokura, Executive Vice President of Omron Healthcare China. The country has surpassed other economies to become the largest market for the 88-year-old company, accounting for around 25% of its total business. “As Chinese consumers are increasingly receptive to new technologies and solutions related to healthcare, it brings the company huge opportunities,” said Tokura, adding that blood pressure kits are among the company’s most popular products in the Chinese market. Omron, which entered the Chinese market in 1993, sees the country as one of the most important markets in its global strategy, he said. “The number of China's middle-income earners continues to expand and the consumption upgrading trend has become more obvious. A super large market has emerged and is worth tapping for the world,” Tokura added.
“Though faced with fierce competition in China, the company will continue to beef up investment in the local market and hopes to bring more new products and innovations to the country,” he said. Driven by demand for healthcare amid the Covid-19 pandemic, China’s sales revenue for medical equipment hit CNY700 billion last year, up 21% year-on-year, said a China Medical Pharmaceutical Material Association report. During the China International Consumer Products Expo that ended last week, the company launched six new electronic thermometers that can complete temperature measurements in as little as 15 seconds. Omron Healthcare also signed agreements with seven chain pharmacies, including JD Health, to launch metabolic management centers (MMCs) and health convenience stores, which mainly help patients with chronic disease screening, such as for high blood pressure, arteriosclerosis and pulmonary ailments.
Some of Omron's products developed in China, including oxygenators and glucose meters, also gained increasing popularity in other foreign markets. Guo Kuilong, Secretary General of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, said that from cutting-edge technology products to innovative chronic disease management, Omron demonstrates its power in promoting the country’s smart medical care, the China Daily reports.
